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A Guide For Paying Health Insurance Premiums In Instalments

Updated On May 13, 2021

The COVID-19 epidemic has affected companies in a variety of industries. In order to provide some relief to policyholders during this pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to all standalone health insurance companies and general insurance companies, requiring them to provide policyholders with the option of paying their medical insurance premiums in instalments.

A Guide For Paying Health Insurance Premiums In Instalments

A Guide For Paying Health Insurance Premiums In Instalments

If a customer chooses to pay the fee in instalments, the customer may receive a receipt for the down payment made while buying the policy. The policyholder will receive all receipts for future instalments as the instalments are billed.

If you are unable to pay the premium, you will be given a 15-day grace period. If the policyholder pays during the grace period, he or she will be able to take advantage of any accumulated incentives, including cumulative bonuses and waiting periods.

A few insurance firms, such as Bajaj Allianz General Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd, have now made premium payment options available to their customers.

Advantages of Purchasing a Health Insurance Policy Online

It goes without saying that purchasing health insurance online is a must. You can now choose the ideal health insurance from the comfort of your own home!

The following are some of the numerous advantages of purchasing health insurance online:

  • Convenience: It is safe to stay at home due to the coronavirus pandemic and the lockout, unless you need to go outside for supplies. As a result, the best bet is to apply for a health insurance policy online. This choice is better and more convenient because you won't have to go anywhere or meet someone to negotiate policy options or get answers to your questions.
  • Secure Payments: Paying premiums online has become much simpler and more convenient as a result of rapid technological advancements, with a variety of choices to choose from. By remaining inside, you can maintain your strategy and eliminate the risk of contamination with just a few clicks.
  • Instant Policy Issue: After paying the health insurance fee, you will receive the policy document by email right away. As a result, you won't have to wait for delivery services to deliver your policy paper. Email also makes it easier to keep track of messages. If you have a pre-existing condition, though, you might be required to undergo such medical tests.
  • Premium Calculation in an Instant: Since everyone's needs are different, the online mode allows you to customise the plans as well as the number and specifics of family members that will be protected by the health insurance programme. The premium is measured instantly based on the information you provide, allowing you to tailor the policy to your specific needs.

How is the Health Insurance Claim Addressed When Premiums Are Paid in Monthly Instalments?

If you plan to pay your health insurance premiums on a monthly basis and have accrued three or four instalments, your insurer is obligated to consider your claims in the event of a medical emergency. However, you must pay the remaining premium in one lump sum or the insurance company will subtract it from the amount due on a claim.

The fact that you paid your premium in instalments has no bearing on the insurance settlement process as long as you pay the balance premium up front or the insurer deducts it from the claim sum.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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